Nov 23, 2023
Spectrum Brands’ steady sales lead to strong earnings
Spectrum Brands Holdings, Inc. had net sales of $740.7 million in the fourth quarter of fiscal 2023, a decrease of 1.2 percent compared to net sales of $749.5 million in the fourth quarter of 2022. Net sales in the home and garden segment increased 7.2 percent year over year while net sales in the home and personal care decreased 6.3 percent. Overall adjusted EBITDA from continuing operations for the quarter was $113.7 million, an increase of 52.2 percent over adjusted EBITDA of $74.7 million in the year-ago quarter. Gross profit increased two percent to $244.4 million due to improved pricing and cost improvements. The company had net income of $53.5 million compared to a net loss of $24.8 million in the year-ago period.
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